Emerging European Financial Markets – Independence and Integration Post–Enlargement de Jonathan A. Batten

Emerging European Financial Markets – Independence and Integration Post–Enlargement: International Finance Review

Jonathan A. Batten

Colm Kearney

This volume is concerned with contributing to the growing body of literature that examines the extent of, and the implications of enhanced independence and integration that will result from the recent EU enlargement for the development of emerging European financial markets. The objective is to provide a perspective on the nature and complex problems associated with financial market development in the emerging European economies and their relationships with the EU (and other major regions) in the post-EU enlargement environment. The volume is divided into five parts. Part A focuses on the important implications for fiscal policy, part B deals with monetary policy and banking, part C explores issues concerned with financial innovation and liberalization, part D examines recent developments in equity market integration, and part E looks at the implications.

*Fills a substantial gap in this field

*Broad in scope

*Serves as an invaluable reference for those interested in European Financial Markets

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Cuprins

1. Emerging European financial Markets: independence and integration post-enlargement (J.A. Batten, C. Kearney). 2. Fiscal policy surveillance in the enlarged European Union: procedural checks or simple arithmetic? (N. Groenendijk). 3. The impact of fiscal policy on risk premia in Central and Eastern European countries (D. Grigonyte). 4. Monetary policy operational frameworks compared: the euro area vs Non-Euro Area Countries (O.Mastroeni). 5. What Accession Countries need to know about the ECB: A comparative analysis of the independence of the ECB, the Bundesbank and the Reichsbank (R. A. Werner). 6. A comparative study of bank bfficiency in Central and Eastern Europe: The role of foreign ownership (P. Zajc). 7. A comparative study of banks’ balance sheets in the EU, New EU member states and European transition economies, 1995-2003 (I. Naaborg, B. Scholtens). 8. Governance by supranational interdependence: domestic policy change in the Turkish financial services industry (C. Bakir). 9. The development of financial derivatives markets in an expanded EU (J. Chi, M. Young). 10. Financial liberalization and business cycles: the experience of the New EU member states (L. Vinhas de Souza). 11. Common factors in eEuro-denominated emerging market bond spreads (P. McGuire, M.Schrijvers). 12. Romanian financial markets (M.Skully, K.Brown). 13. Conditional contemporaneous correlations among European emerging markets (S. Pynnonen). 14. The links between Central, East European and Western security markets (R.Kouwenberg, A. Mentink). 15. The lLinkages between emerging European and developed stock markets before and after the Russian crisis of 1997-1998 (B. Lucey, S.Voronkova). 16. Trading versus non-trading returns: evidence from Russia and the U.K (N. Wagner, U. Ben-Zion). 17. Foreign direct investment in emerging and transition European countries (S.Globerman, D. Shapiro, Y. Tang). 18. Foreign direct investment, stock ex change development and economic growth in Central and Eastern European (Y. Akbar, H.Elms, T. Dhakar). 19. The impact of EU enlargement on FDI flows (K. Kalot